Business Risk Assessment is a simple, systematic and effective tool to identify risks to the business at the given moment of time.
Indicating that it is important to anticipate and mitigate risks proactively, Venkataram Arabolu, Managing Director, BSI India, said that risks should be assessed and integrated into the core business strategy to allay the effects of any involved risks.
Arabolu was speaking during a daylong workshop on "Business Risk Management" organized by PHD Chamber of Commerce and Industry, in association with BSI India to apprise delegates on Business Risk Management principles and practices outlined in ISO 31000 and ISO 22301 standards.
Earlier speaking on the occasion, Dalip Sharma, Director, PHD Chamber of Commerce and Industry said, "In order to improve business decision making, Risk Management today is rapidly gaining acceptance and is helping organizations manage their businesses better, which in today's hypercompetitive environment is an imperative."
"Business Risk Assessment is a simple, systematic and effective tool to identify risks to the business at the given moment of time. It must be appreciated that the business risk itself undergoes changes and the risks increase or decrease over a period of time," said Arabolu.
Stressing that much of the risk that affects any business is self-inflicted, the experts said that it is pertinent to have knowledge and information to manage risks. Businesses all over have priorities based on their own position compared with the market as well as the market itself.
"Attention is normally focused onto the areas that the company perceives to have a higher business risk, which however, is not so well structured and very often, business risks are not properly visualized or understood, especially as there is a lack of formality in understanding them. There is also a danger of not realizing which the greatest risks are and which of them must be focused upon by the organization," added Arabolu.